The US Dollar depreciated about 82 base points against the Canadian Dollar on Friday. The currency pair tested the lower boundary of a junior ascending channel pattern at 1.3317 during Friday’s trading session.
A breakout through the lower boundary of the junior ascending channel pattern could be expected within this session.
If the breakout occurs, the USD/USD exchange rate will aim for the weekly S1 at 1.3274 today.
However, if the junior channel holds, a surge towards the weekly R1 at 1.3388 could following during the following trading hours.